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NetApp profit misses consensus by 45.8% in fiscal Q2

NetApp Inc. said its normalized net income for the fiscal second quarter ended Oct. 30 amounted to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS fell 16.3% year over year from 37 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $90.6 million, a decline of 23.3% from $118.1 million in the year-earlier period.

The normalized profit margin dropped to 6.2% from 7.7% in the year-earlier period.

Total revenue fell 6.4% year over year to $1.45 billion from $1.54 billion, and total operating expenses fell on an annual basis to $1.30 billion from $1.35 billion.

Reported net income decreased 27.1% on an annual basis to $115.4 million, or 39 cents per share, from $158.3 million, or 49 cents per share.